By Kelli Svymbersky, Vice President of Payments

Every carrier faces the same payment challenge: the payment process is usually complicated, expensive, fragmented, labor-intensive, and vulnerable to human error.

Why is it so complex? It begins with disconnected systems delaying communications between carriers, claimants, and vendors, frustrating everyone involved. Adding new payment methods to meet evolving customer and vendor expectations can be an integration nightmare. Payment fraud investigations consume time and resources.

Switching to a new payment solution can seem daunting, and choosing which direction to take can take time and effort.  A key question is whether moving to an enterprise rather than a claims-only payment solution is a good place to start.

Enterprise payment services and claims payment services serve different purposes within an organization. Here are some key benefits of each.

Benefits of Enterprise Payments System

1. Scalability: An enterprise payments service helps centralize and automate the payment processes across an organization, leading to payment experience uniformity, efficiency and cost savings.
2. Better Decision Making: An enterprise payments service generates data insights that allow you to make informed decisions about optimizing cash flow, vendor relationships, and financial strategies.
3. Speed to Innovate: Enterprise payment services future proof the ever-evolving payments choices, allowing organizations to keep up with the pace of change and deliver the best experience while lowering the total cost to innovate.

Benefits of Claims Payments System

1. Specific to Claims: Claims payment systems are designed for insurance companies to process and manage payments efficiently, including complex claims workflow and countless multi-party payment scenarios unique to claims payments.
2. Automated Claims Processing: These systems automate the claims process, reducing manual errors and improving accuracy while speeding up the settlement of claims.
3. Improved Customer and Employee Experience: By streamlining and connecting claims workflows with a modern payment experience, insurers can provide quicker and more transparent services, ultimately enhancing customer satisfaction.

When choosing a claims payment service versus an enterprise system, consider the cost of entry to a digital solution. While a single-point solution such as a Claims Payments service may seem more cost effective initially, it is important to consider the total cost of ownership. An Enterprise payments service may offer a better employee, customer experience and more cost savings over time.

CCC Payments delivers the best of both worlds with our Enterprise and Claims Payment services. These services simplify complex processes to create seamless payments experiences, in a single streamlined workflow. Our cloud-based insurance platform makes this possible, orchestrating workflows and administrative tasks to improve transparency and productivity while reducing costs and cycle times.

CCC Payments offers Enterprise, Business to Consumer (insured, claimant, etc.), and Business to Business (suppliers and vendors), including multi-party experiences.

To learn more and gain valuable insights, click here to watch our recent webinar: Boost Claim Experience & Efficiencies with CCC Payments.